AICPA Appeals to IRS, Treasury for ‘Extensive Relief’ for Taxpayers

In light of the ongoing uncertainty and challenges caused by the spread of the coronavirus pandemic, the AICPA called for the U.S. Department of the Treasury and IRS to provide more extensive relief to all taxpayers.

Noting its appreciation for the agencies’ efforts to extend the tax filing and payment deadlines announced in the recent Notice 2020-18, the AICPA is nevertheless stressing the importance of providing additional relief. The AICPA recommends:

Postponing all deadlines and providing additional time to make payments. The AICPA believes taxpayers who do not have an April 15 payment or filing date are inherently disadvantaged and would similarly benefit from a deferral. The group argues that these individuals and their advisors need additional time for filings, tax payments, estimated taxes and gathering pertinent information to include in those filings or payment calculations.

Providing appropriate filing and payment relief for all filers and taxpayers (including tax-exempt organizations and fiscal year corporations) for tax returns, information returns, elections, claims for refund and other correspondence. The AICPA says relief should also apply broadly to all types of taxes (including payroll, excise tax, estate, gift and generations-skipping transfer tax, etc.), noting that deferment of other taxes that are not income taxes is necessary to aid both businesses and their employees.

“With shelter-in-place orders issued throughout the country and a spreading pandemic, there is a significant list of filing and payment challenges left unresolved,” says AICPA Vice President of Taxation Edward Karl. “We urge the Treasury Department and IRS to grant additional relief in these uncertain times and offer our assistance in identifying specific areas in need of FAQs or formal authoritative guidance.”